高级经理人激励与上市公司经营业绩关联性实证检验

Empirical Test of the Relationship between Top Management Incentives and the Performance of Listed Companies

中国上市公司高级经理人的激励问题一直是学术界和实务界所关注的焦点,而对这一问题的研究多集中在理论的讨论上,本文根据中国全部A股上市公司的数据,对这一问题进行实证检验。本文考察了企业经营业绩与高级经理人年度报酬、高级经理人持股比例的相互影响关系,以及高级经理人年度报酬与上市公司业绩、自身持股比例、公司规模、相对业绩比较及公司所属行业等因素的相关关系。实证结果显示:上市公司业绩与经理人年度薪酬有显著正相关关系;高级经理人的年度薪酬还与公司规模存在显著正相关关系。

The incentive for top - management has been a focus of every one since the reform and opening up in China. This paper mainly investigates the relationship between corporate performance and incentives for top-management based on empirical evidence of Chinese listed companies. It finds that there is a significant positive correlation between the annual pay of the top management and the corporations＇ performance. The paper also finds that the size of the corporation will affect the annual pay of the top management.